In this 21st century, Computers are essential for every fields and industry around the world. A world without computers is hardly imaginable. Computer comes with software and hardware. Every physical components of computer such as speaker, mouse, keyboard, printer and monitor comes under the hardware whereas all programs and language used by the computer are called software. This day, computers are not only tools for scientist and engineer but also they are being used by billions of people around the world including corporation and government.
Computers are a primary means of local and global communication for billions of people. Through the usage of computers, society is able to access the information around the globe and gaining information in matter of seconds. Computer has been used in various ways depend on the needs of the users. For example, in the workplace, employees use computers to create correspondence such as e-mail messages, generating invoices and calculate payroll. At school, it is use to assist student to conduct research and completing their assignments.
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Nowadays computer has become very important due to its advancement and sakes many tasks to be completed easily. The computer has changed society today as much as the industry revolution. People in various fields, including finance, government, health, science, publishing, travel, military and manufacturing uses different varieties of computer hardware, computer software and communication capabilities according their needs and tasks. In addition they can reap benefits from breakthrough and advance in these fields. It is undoubtedly that computers are extremely important for peoples in this globalize era. Content Page no.
I Table of content I I Introduction I 2 | Content I | The Finance Field I 4-5 | Brief Introduction of software and Computer Software used in Finance field | 6-7 | Brief Introduction of hardware and Computer Hardware used in Finance field | 8-9 | Brief Introduction of Communication capabilities and its uses in Finance field 1 101 Hypothetical business 11 | Computer software, hardware and communication capabilities work best for the hypothetical business 1 121 Summary I 131 Conclusion I The Finance Field Finance, which is the field that we investigated, is very important for many people and especially companies.
Finance describes the management, creation ND study of money, banking, credit, investments, assets and liabilities. Finance consists of financial systems, which include the public, private and government spaces, and the study of finance and financial instruments, which can relate to countless assets and liabilities. Some prefer to divide finance into three distinct categories: public finance, corporate finance and personal finance. All three of which would contain many sub-categories. The usage of computers in finance goes more to computer software.
Some use finance software to balance check books, pay bills, track personal incomes and expenses and evaluate uncial plans. This software often includes online services to help users track investments and do online banking. They are also widely used in banks for record keeping and maintaining accounts of customers for it provides convenience, speed and security. We can see the uses of computer in finance field which involves the three categories; computer software, computer hardware and communication capabilities. Brief introduction of software Software also called program, tells the computer what tasks to perform and how to perform them.
The two categories of software are system software and application software. System software consists of the programs that control or maintain the operation of the computer and its devices. The two types of system software are the operating system and utility programs. Operating system is a set of programs that coordinated all activities among computer hardware devices and provides users to communicate with the computer and other software such as Microsoft Office and e-mail application. The utility program allows a user to perform maintenances – type tasks such as photo shop (application software).
Application software is a programs designed to make users more productive ND/or assist them with personal tasks such as word processing software, spreadsheet software, database software, presentation software. Computer software used in Finance Field Word processing software Sometimes called a word processor, allows users to create and manipulate documents containing mostly text and sometimes graphics. It is mostly use to create documents such as letters, memos and reports. With this software, users easily can change what they have written and make documents look professional and visually appealing.
The example of word processing software is Microsoft word and Workload. Microsoft word is a software which can create and edit professional-looking documents. Workload is a basic word processing program that you can use to create and edit documents. These software are suitable for finance field because the employee can input the finance data and/or reports using the software. However, Microsoft word is much better compare to Workload because Microsoft word has spellchecker whereas Workload don’t and can only perform simple tasks and unable to create a professional looking documents.
Note taking software An application software that enables users to enter typed text, hand-written moments, drawings, or sketches anywhere on a page and then save the page as part of a notebook. The example of note taking software is Notepad and Endnote. Notepad is a text editor which can write, edit and save the text. On the other hand, Endnote is a note-taking and personal information management (PIMP) application for collecting, organizing and sharing digital information. Endnote is definitely better than Notepad in every point of views as it offer much more capabilities compare to Notepad.
It is needed for bankers to take notes on the customer needs and wants. Tax preparation software A software which is available both as packaged software and as web applications, can guide individuals families or small businesses through the process of filing federal taxes. The example of tax preparation software is Attach software and Intuit Tax Online(A web based tax preparation software). Attach software uses tax return information to prepare a college financial aid to fill out Federal Student Aid (FAST) application.
Thus Attach is better compare to Intuit Tax Online, which is a web-based tax preparation software. Spreadsheet software Spreadsheet software allows users to organize data in rows and columns ND perform calculations on the data. The example of spreadsheet software is Microsoft Excel and Google Spreadsheet. Microsoft Excel is an electronic spreadsheet program that can be used for storing, organizing and manipulating data while Google Spreadsheet is a free and user friendly online spreadsheet program with simplified functions.
It is concludes that Microsoft Excel is way better than Google Spreadsheet as Microsoft Excel provides more capabilities and functions to make a professional and easy-to-understand documents. Personal Finance software A simplified accounting program that helps home users and small office/home office users balance their checkbooks, pay bills, track personal income and expenses, set up budgets, manage home inventory, track investments, and evaluate financial plans. Example of personal finance software is Ace Money and Quicken Starter Edition.
Ace Money and Quick Starter Edition is ideal for users of all financial stages and easy for anyone to use it. However Quick Starter Edition lacks in personal investing capabilities and exchange rates. Therefore Ace Monet is definitely the best choice for people to keep an eye of their finance. Brief Introduction of Hardware A computer contains many electric, electronic, and mechanical components known as hardware. These components include input devices, output devices, a system unit, storage devices and communication devices.
Input Devices for Finance field Keyboard A computer keyboard contains keys you press to enter data into the computer. It is needed for finance field people to enter data and number accordingly for their works and report. Example of keyboard is gaming keyboard and enhanced keyboard. Finance field people would use enhanced keyboard instead of gaming keyboard because enhanced has more function keys compare to gaming aboard. Mouse A mouse is a small handheld device. With the mouse, you control movement of a small symbol on the screen, called the pointer and you make selections from the screen.
Example of mouse is Optical mouse which emit and sense light to detect the mouse’s movement and air mouse (a motion-sensing mouse). It is more preferable to use optical mouse in finance field instead of air mouse because air mouse are not suitable for finance people as it contains too many unnecessary capabilities. Scanner A scanner allows finance user to scan their data and reports to the computer for Arthur references and editing. Example of scanner is optical scanner and flatbed scanner. Optical scanner Uses light-sensing, reads printed text and graphics and then translates the results into a form the computer can process.
The bar code scanners (bar code readers) is an optical reader uses laser beam to read the bar code. The optical scanner is the best choice for finance field because finance field doesn’t need to read bar code. Output Devices for Finance field Printer A printer produces text and graphics on a physical medium such as paper. Example of printers are photo printer and laser printer. Photo printers is a color printer that produces photo-lab-quality pictures, whereas laser printer is a high- speed, high-quality printer; available in both black-and-white and color models.
It is suggested to use laser printer instead of photo printer because laser printer is much more faster and efficient compare to photo printer and laser printer is more suitable to print report types file. Display device A display device visually conveys text, graphics and video information. Its information exists electronically and appears for a temporary period. Types of display device are LCD monitor and widespread. The LCD monitor which is a desktop monitor that that uses a liquid crystal display to produce images is better than widespread because wide screen is unnecessary in finance field and LCD monitor provides more clearer display.
Data projector It is a device that takes the text and images displaying on a computer screen and projects them on a larger screen so that every audience can see the image clearly. Example of data projector is LCD projectors and ODL projectors. An LCD projector uses liquid crystal display technology, while ODL projectors use digital light technology. It is concluded that LCD projector is better than ODL projectors because of the high resolution produced by the LCD projector. It is essential for finance people to show the company or corporation reports when it’s required.
Brief introduction of communication capabilities Around the world, companies need strong, proactive financial communication competencies to successfully help shape the evolution of capital markets for themselves and their industries. The client can communicate with officer electronically and put in place mechanism so that they can communicate with officer in the same way. This will include e-mail communication. According to Entrepreneur magazine, every finances field should evaluate available technology and determine if there are benefits to using it.
Email has helped to create instant global communication and has opened up the capacity for businesses to send and receive messages The communication capabilities in finance field E-mail communication E-mail communication is needed to send simple message or send a customer invoice without having to print the invoice, pay for an envelope to send it or pay anyone in our mail room to put the mail together. Besides, the e-mail immunization is geographic barrier reduction. Email reduces geographic and time zone barriers for financial. Employees or contractors from around the world can communicate, regardless of their location.
Likewise, customers can send sales questions and support requests by email based on their own time zone schedules. Instant messaging (IM) With instant messaging, we can keep a list of people whenever we interact with. We can instant messaging with anyone on our buddy list or contact list as long as that person is online. We type messages to each other into a small window that shows up on both of our screens. It is easier for the client to ask the financial problems and so on. The client does not need to go to the particular place and just some question. We just need to wrap things up when we sit down in front of our desktop.
Then, our conversations with the banker can come with us easily. Data communications Another type of communication capabilities in finance. Data Communication is the network of choice for Poi solutions. Poi is the technology that allows users to speak to other users over the internet using desktop computer, or mobile computer or mobile devices. Data Communications is a leading provider of A New World of Communications, today announces that it has completed a successful mufti-technology implementation of network consolidation, business video and managed voice services.
This communication capability help accountants links between each other to have a discussion about problems in the job. The client also can connect to the accountants easily. FTP (File Transfer Protocol) Relatively self-explanatory: it is a technique for transferring files from one computer to another computer on a network. The method used by FTP is to enable a user to connect to another computer. The accountants can share their comments on the modeling of derivatives, although other important subfields include insurance mathematics and quantitative portfolio problems.
Structured Financial Messaging System (SF) A secure messaging standard developed to serve as a platform for intra-bank and inter-bank applications. SF can be used practically for all purposes of secure communication within the bank and between banks. SF has a number of special features and it is a modularized and web enabled software, with a flexible architecture facilitating centralized or distributed deployment. The access control s through Smart Card based user access and messages are secured by means of standard encryption and authentication services conforming to ISO standards.
RIB applications like Real Time Gross Settlement (ARTS), Negotiated Dealing System (ANDS), Security Settlement System (ASS) and Integrated Accounting System (AS) have interface with SF and ARTS uses SF for messaging. The intra-bank part of SF, which is most important, is used by the banks to take full advantage of the secure messaging facility it provides. The inter-bank messaging part is useful for applications like Electronic Funds Transfer (FT), Real Time Gross settlement System (ARTS), Delivery Versus Payments (DVD), Centralized Funds Management System (CFML) etc.
The SF provides easy to use Application Program Interfaces (Apish), which can be used to integrate all existing and future applications with the *MS. Several Banks have integrated it with their core or centralized banking software. Hypothetical Business The hypothetical business that we thought of is CUSS bank. A bank is a financial organization where people deposit their money to keep it safe. A bank is a business like a video store, a restaurant, or a skating rink. The business deeds to make enough money to pay the people who work there and the cost of things like electricity, paper, and even paper clips.
In order for a bank to stay open, it needs to get a lot of people to put their money in it. Each bank tries to offer services that some other banks might not have. Another way to get more people to put their money in the bank is to pay them interest. Interest is extra money the bank gives you to keep your money there. This means that you earn money on every dollar you put into the bank. Bank also uses the money that people puts in to invest in certain things in order to maximize their profit. The reason we choose bank because it is related to the finance field.
Every bank needs a finance people to organize the bank finance so that the bank would keep earning money. We also concluded that every communication capabilities, computer software and computer hardware stated are essential for the bank. The reason are well stated accordingly in each sections. Summary The report focuses on the hardware, software and communication capabilities used in the field of finance. According to our investigation, the software used in the field are word processing software, spreadsheet software, note taking footwear, personal finance software and tax preparation software.
Furthermore, we found out that the hardware used in finance field are display devices, keyboard, mouse, data projector, scanner and printer. Last but not least is the communication capabilities used in finance field which is the Structured Financial Messaging System (SF), E-mail communications, Data communications, Instant Messaging (IM) and FTP (File Transfer Protocol). In this research, we have compare and recommend all computer hardware, software and communication capabilities for the finance field. It is concludes that there is no need for us to pacify the recommendation because it is needed for the hypothetical business.
Conclusion Investigation, outlining and supporting our recommendation regarding the computer hardware, software and communication capabilities used in the financial field have been investigated by us in this assignment. Overall, we know the right and needs of various types of computer hardware, software and communication capabilities needed in the financial field. In conclusion, we are able to gain knowledge of what financial field and bank needs in computer hardware, software and communication capabilities.